Tag: Term Insurance

Life is a never-ending cycle of events, some events that bring smiles on our face and others just keep us worried. Worries may somewhere also be linked to our ability to not gauge certain situations in life, those uncertainties in life when they are linked to funds which you are not capable to earn after your retirement or maybe to support your family when you are dead!

We are living in an era where everything is on our fingertips, that is what innovative technology has given to us – the convenience to control. Talking about innovative technology and control, wouldn’t it be fantastic if we could control our investments and take care of ourselves and our family’s future with an insurance plan at our convenience and minimal hassle-free process in an all-in-one plan? Let me give you a brief explanation of what I am talking about.

Let me tell you about a proposed combination where you can invest and give yourself and your family financial protection after your death or your retirement. Sounds too good to be true, isn’t it? A perfect scheme for anyone who is looking to #InvestBefikar and grow his / her money and wants life cover / insurance.

Benefits of Investment cum Life Insurance Plan:

It lets your money grow while securing you as well

Paying one premium for protection and investment

Want to know more?

Well, Bajaj Allianz Life Insurance has been cooking up just the right combination of dual benefit plan of investment and life protection for a #JiyoBefikar life, the need of making your money grow while you pay the life insurance premium, just the right mix of pleasure for a hassle free, all-in-one plan. I have a lot more to talk about this unique customised plan in my next blog post, so kindly stay tuned till next week for more detailed look at the Bajaj Allianz Life Insurance new offering in the form of Investment cum Life Insurance plan, I am excited to share the details with you and know about your queries and questions in the comments sections below.

Bajaj Allianz Life Insurance dual benefit investment cum Insurance plan is scheduled to launch on 22nd June 2017, stay updated with our blogpost feed to get more updates about the launch and details.

If you wish to, you can check the updates and engage on the brand’s Twitter Handle @BajajAllianzLIC. You can also follow the brand on Facebook for more updates about the product.

Lately I have been talking about life insurance and mutual fund investments on my blog, my endeavour is to keep updating on the latest and most prominent information possible in the space of finance, investment and Insurance to my knowledge of understanding, the purpose is to guide you accordingly to invest wisely or choose an Insurance plan.

Few days ago, I was discussing with my friends on life insurance rates and plans which are more than just conventional Life Insurance plan that could take care of investment as well with a decent return, while discussing one of my friend spoke about Edelweiss Tokio Insurance plans which are very beneficial when it comes to a combination of multifaceted Insurance cum Investment plan with added benefits.

After knowing about the summary from my friend, I did a bit of research, here are the details of the Plan offered by – Edelweiss Tokio Life, basically there are 3 Plans, which I shall be talking about :

Wealth Ultima – ULIP (Unit Link Insurance Plan)

GCAP (Guaranteed Return Plan)

TotalSecure + (Comprehensive protection plan)

1 ) Wealth Ultima – ULIP (Unit Link Insurance Plan)

Firstly let’s talk about Wealth Ultima, This plan has 3 benefits a trio you can say, which are :

1. SMP – Wealth accumulation

You can avail the option of paying your premium systematically on monthly basis, which allows you to safeguard from market fluctuations.

Tax Free Investment

2. STP – Wealth Preservation

In this there are few options available according to your appetite of risk:

Life Stage & duration based STP

Profit target based STP

Self Managed options are also available

3. Wealth Utilization :

Once the policy has completed 10 years , the policy holder can avail options to choose from like lumpsum amount or a set monthly installments -according to the years fixed, working as a pension plan after retirement.

Works as second income

The amount withdrawal would be Tax Free (so that’s again an added benefit)

A) Some other added benefits of this Wealth Ultima are:

Additions to the fund:

Loyalty Additions

Guaranteed Additions

Booster Additions

Little Champ Benefit:

In case of payer’s death, PV of future premiums will be funded by the Company.

Remaining benefits will continue as is

You can also change your preference of increasing or decreasing of PPT (Premium Paying Term)

2) GCAP (Guaranteed Return Plan)

The GCAP Plan insures that you get sure static return irrespective of the market behaviour, sounds tempting isn’t it. This is a break though Plan by – Edelweiss Tokio, which is quite beneficial for people who want static return and do want to any risk involve in their investment.

Depending upon the no of years for which the plan are selected like 10, 20 or 30 years, the returns are subject to change accordingly marginally.

Listing few other rider benefits which can be added with this plan:

Cover against accidents at small amounts of extra premium

Policy continues while eliminating the burden of premium payment in case of death, disease or disability

Provides income replacement to the family in your absence

Provides income replacement to family in incidence of critical illness

Optional with this GCAP Plan, which you can choose:

PWB (Payer waiver Benefit) which allows to help your child’s future, so even in your absence your child continues to enjoy the policy’s benefit without worrying about paying premium.

3) Total Secure+

TotalSecure+ is a comprehensive protection plan – Which means this is a Life Insurance with added features of choosing between Basic health cover (which covers 7 Critical Illness) and Comprehensive health cover (which covers 35 Critical Illness) so it works as a combo.

For instance if you take a life cover of 2 crores, you can choose – a Critical Illness plan of up to 1 Cr and avail the benefits.

The Premium amount will vary according to the Basic Health Cover and Comprehensive Health Cover plans.

TotalSecure+ gives you the facility to choose how to receive your benefits by providing 3 options:

What is the most rewarding thing for your family after your retirement? This is the question you should ask yourself if you haven’t . Why should you ask yourself this question? Because after you retire the most important thing in your life apart from your family support is, the support of financial security so that you can continue living your life as you have lived or had desired and #JiyoBefikar. But what are the steps you should take to secure your retirement? The best answer to that is an online term plan.

Yes, an online term plan is the best option considering the amount of flexibility it provides and specially if you start early, could be in your late 20’s or early 30’s. If I have to suggest you one right now, it has to Bajaj Allianz Life #eTouch Online Term Plan, a three-step process to secure your future. Yes, let me take you through the features of the very simple, pure term and health cover plan from Bajaj Allianz Life to make your retirement life #JiyoBefikar:

The first step to securing your future is gauging your Premium or amount you want to secure as term plan, so in the Bajaj Allianz Life #eTouch Online Term Plan, you can start off with as low as 50 lakhs. Who can avail this plan? Well if you are earning an amount of Rs 25,000 per month, you are eligible. This is the most basic amount I am talking about.

You have to provide your basic details such as name, email id and phone no.
The third step will give you various variants of the Bajaj Allianz Life #eTouch online term plan such as:

Shield Benefits:

On unfortunate demise of the life assured (the person in whose name policy has been taken), the Sum Assured on death would be paid and the policy shall terminate.

On the occurrence of an Accidental Total Permanent Disability of the life assured the remaining premiums under this policy would be waived off, while the other insurance benefits will continue.

Shield Plus benefits:

In case of an Accidental Total Permanent Disability (ATPD), the benefit payable would be:-
Sum assured (subject to a maximum of ₹ 2 crores) will be paid as ATPD benefit the remaining premiums under this policy would be waived off, while the other insurance benefits will continue.

On unfortunate demise of the life assured, the Sum Assured on death would be paid and the policy will terminate.

Shield Super benefits:

In case of an Accidental Total Permanent Disability (ATPD), the benefit payable would be:-

Sum Assured (subject to a maximum of Rs 2 crores) will be paid as ATPD benefit, the remaining premiums under this policy would be waived off, while the other insurance benefits will continue.

In case of death of the life assured due to accident, then,

Sum Assured on death plus an amount equal to the sum assured (subject to a maximum of ₹ 2 crores) will be paid as ADB and the policy will terminate

If cause of death is not an accident Sum Assured on death would be paid and the policy will terminate

Shield Supreme benefits:

If the life assured is diagnosed with a Critical Illness, the benefits payable would be as follows:

If the diagnosed CI requires Angioplasty, fixed ACI benefit of ₹ 5,00,000 will be paid. Waiver of premium (WOP) is not applicable, if Angioplasty is conducted for CI. No further ACI benefit will be paid for any future occurrence of Angioplasty. But, the policy will continue for other benefits, including remaining amount of ACI benefit for the remaining CIs covered, subject to payment of all due premium.

If the Critical Illness is other than one requiring Angioplasty then,

If ACI (Accelerated Critical Illness) benefit has been availed for Angioplasty, then, ACI benefit of 75% of Sum Assured, subject to maximum of ₹75,00,000, would be paid.

If any prior ACI benefit for Angioplasty has been paid, then, the remaining ACI benefit would be paid, which is 75% of Sum Assured (subject to maximum of ₹75,00,000) minus ₹ 5,00,000 (paid earlier for Angioplasty)

the remaining premiums under this policy will be waived off, while the other insurance benefits will continue

In case of an Accidental Total Permanent Disability (ATPD), the benefit payable would be:-

Sum Assured (subject to a maximum of Rs 2 Crores) will be paid as ATPD benefit

the remaining premiums under this policy would be waived off, while the other insurance benefits will continue.

On unfortunate demise of the life assured the beneficiary would receive the following benefit and the policy will terminate:

If ACI benefit has been paid earlier, then, Sum Assured on death minus the amount of ACI benefit already paid would be payable.

If ACI benefit has not been paid earlier, then, Sum Assured on death would be paid

All of the above plans have a Premium amount which accelerates as per the plans features and additional benefits. You can choose the policy terms from as low as 10 years and upto 29 years and premium payment modes as per your convenience of monthly, half yearly, quarterly or yearly. I think this is a very welcome move from Bajaj Allianz Life considering and researching the payment habits of the vast and diverse Indian population.

An another welcome move from Bajaj Allianz is an app to take care of your fitness, the B-Fitness Wellness app helps users to set and track their fitness goals along with incentives to adopt health lifestyle. Equipped with features like a food guide for Indian cuisine, a health score tracker, expert recommendations basis health score and personalized health articles curated to the user’s interests to make the app engaging. Providing a multitude of other exciting services, B-Fit is an assured and reliable app to help one achieve one’s fitness goals.

We live in a world where life is very uncertain; we cannot possibly predict accidents, natural calamities or a sudden deterioration in health leading to death. Therefore concerns about how our family will survive without us rise up.

To ensure that our loved ones do not face hardships in their life without us, we should have a backup plan to ensure that they are financially secure in the future and that they do not have to ask for any help or take out a loan.

Some extra benefits if you have a healthy lifestyle, they have low premium rates for Non Smokers

You can choose between three options based on your family’s situation in life, death benefits can be shared:

As a Lump Sun

A lump sum with monthly payments

A lump sum with increasing monthly payments

*For more details on the rider and the various terms and conditions, please refer to the rider brochure.

** Death only in case when policy holder and life insured are different.

Sample Illustration of scenario if chosen death benefit options:

Suppose Mr. Gupta, aged 28 years, opts for an 80 Lac for 25 years under Max Life Online Term plan with an annual premium of Rs. 6,500.

Though Mr. Gupta has term insurance of 25 years, by after paying 8 premiums, unfortunately Mr. Gupta dies.

So if Mr. Gupta has chosen the death benefit option, then his nominee will get Rs.80 Lacs upon death and the policy will terminate.

Though I wish that we all live our full and complete lives, but we should also be thoughtful and plan for the unexpected, dealing with uncertainty with an online term plan is always a smarter choice. #MaxLifeTermPlan